TCJA temporarily lowers medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. […]
TCJA
Claiming bonus depreciation on your 2017 tax return may be particularly beneficial
Claiming bonus depreciation on your 2017 tax return may be particularly beneficial With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. […]
State and local sales tax deduction remains, but subject to a new limit
State and local sales tax deduction remains, but subject to a new limit Individual taxpayers who itemize their deductions can deduct either state and local income taxes or state and local sales taxes. The ability to deduct state and local taxes — including income or sales taxes, as well as property taxes — had been on the tax reform chopping block, […]
2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills
2 tax credits just for small businesses may reduce your 2017 and 2018 tax bills Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or […]